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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2015
Debt Disclosure [Abstract] |
Summary of Mortgage Note Payable and Line of Credit | Our borrowings as of March 31, 2015, and December 31, 2014, are summarized below:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | As of March 31, 2015 |  |  | As of December 31, 2014 |
Issuer |  | Type of Issuance |  |  |  | Dates of Issuance |  |  | Initial Commitment |  |  | Maturity Date(s) |  |  | Principal Outstanding |  |  | Stated Interest Rate(1) |  |  | Undrawn Commitment |  |  | Principal Outstanding |  |  | Stated Interest Rate(1) |  |  | Undrawn Commitment |
MetLife |  | Mortgage Note Payable |  |  |  |  | 5/9/2014 |  |  |  | 100,000,000 |  |  |  | 1/5/2029 |  |  | $ | 66,331,998 |  |  |  | 3.61 | % |  |  | 33,668,002 | (2) |  |  | 66,331,998 |  |  |  | 3.61 | % |  |  | 33,668,002 | (2)
MetLife |  | Line of Credit |  |  |  |  | 5/9/2014 |  |  |  | 25,000,000 |  |  |  | 4/5/2024 |  |  |  | 11,800,000 |  |  |  | 2.76 | % |  |  | 13,200,000 | (2) |  |  | 4,000,000 |  |  |  | 2.75 | % |  |  | 21,000,000 | (2)
Farm Credit |  | Mortgage Notes Payable |  |  |  |  | 9/19/2014– 3/10/2015 |  |  |  | 14,888,280 |  |  |  | 5/1/2020– 8/1/2034 |  |  |  | 14,681,805 |  |  |  | 3.48 | % (3) |  |  | — |  |  |  | 12,410,363 |  |  |  | 3.53 | % (3) |  |  | — |
Farmer Mac |  | Bonds Payable |  |  |  |  | 12/11/2014 |  |  |  | 75,000,000 |  |  |  | 12/11/2019– 1/6/2020 | (4) |  |  | 13,853,000 |  |  |  | 3.25 | % |  |  | 61,147,000 | (5) |  |  | 3,675,000 |  |  |  | 3.25 | % |  |  | 71,325,000 | (5)
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Totals: |  |  | $ | 106,666,803 |  |  |  |  |  |  | $ | 108,015,002 |  |  | $ | 86,417,361 |  |  |  |  |  |  | $ | 125,993,002 |
(1) | Represents the weighted-average, blended rate on the respective borrowing facilities as of each March 31, 2015, and December 31, 2014.
(2) | Based on the properties that were pledged as collateral as of March 31, 2015, and December 31, 2014, approximately $7.5 million and $ 13.8 million, respectively, of the undrawn commitment was available for us to draw.
(3) | Rate is before interest repatriation. 2014 interest patronage received resulted in a reduction to our effective interest rate of 12.7%.
(4) | If facility not fully utilized by December 11, 2016, Farmer Mac has the option to be relieved of its obligations to purchase additional bonds under the facility.
(5) | At each March 31, 2015, and December 31, 2014, there was no additional availability to draw under this facility, as no additional properties had been pledged as collateral.
Principal Payments of Aggregate Borrowings | Scheduled principal payments of our aggregate borrowings as of March 31, 2015, for the remainder of 2015 and each of the five succeeding fiscal years and thereafter are as follows:
|  |  |  | Scheduled |
Period |  |  |  | Principal Payments |
For the remaining nine months ending December 31, |  | 2015 |  | $ | 522,443 |
For the fiscal years ending December 31: |  | 2016 |  |  | 2,947,300 |
|  | 2017 |  |  | 2,866,043 |
|  | 2018 |  |  | 2,787,631 |
|  | 2019 |  |  | 6,386,962 |
|  | 2020 |  |  | 15,191,622 |
|  | Thereafter |  |  | 75,964,802 |
|  |  |  | $ | 106,666,803 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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